¡ Motor oil’s refinery margin is expected to reach 9,8 $/bbl in Q4 vs 9.2.8$/bbl in Q3 Having said that we expect Q4 “clean” EBITDA to reach €120m (vs €85.4m in Q3 2013) while estimated inventory losses should settle at €70m.

¡ Clean Net Earnings are seen at €61m vs €16.9m in Q3.

¡ Refining outlook is improving as benchmark margins momentum is positive in Q1 2015. Despite sharp oil drop in spot prices and inventory losses we expect positive impact on working capital and better FCF while heating oil demand is seen improving in the first two months of the quarter helping marketing revenues.

¡ Conference call will focus on refining margins evolution and near term outlook for domestic market.